Conquest Petroleum Incorporated ("Conquest" or "Company") is a fully reporting public, independent production company involved in the development and production of oil and gas from previously identified reservoirs. Current operations consist of two core areas - northern Louisiana and southwestern Kentucky. The Company's assets are largely "in ground" and not developed.
Conquest's business model is based on a conservative and well-articulated operating strategy consisting of four phases. Phase One - the acquisition of over 32,000 acres of mature, low risk oil and gas properties - was completed by the beginning of 2008 and the Company has since begun Phase Two that it expects to complete by 1st quarter 2011. Phase Two involves workover and recompletion of certain existing low risk wells that will have the effect of turning Proved Developed Non-producing ("PDNP") reserves into Proved Developed Producing ("PDP") assets. Phase Three, scheduled to begin sometime in 2011, given sufficient capital, is expected to result in over 300 new producing wells from infill drilling programs that are anticipated to run through the first quarter of 2013. These properties are in the Company's existing inventory and are classified by the Company as Proved Undeveloped (PUD) and Probable. Total capital expenditures required to complete Phase Two and Three are estimated at $72 million of which Conquest expects to fund from debt, and from internally generated cash flow expected to begin during 2011 as Phase Two nears completion and new producing wells are brought on line. Conquest's strategy anticipates another round of oil and gas asset acquisitions to accomplish Phase Four.
November 17, 2009 - Conquest Petroleum Incorporated Announces Capital Funding (more)
September 15, 2009 - New Member: Board of Directors - Ann Thomas (more)
August 25, 2009 - Conquest Signs Equity Facility with Yorkville Advisors (more)
August 13, 2009 - Conquest Petroleum Inc Releases New Albany Shale Update. (more)
August 13, 2009 - Conquest Petroleum Inc Reports Delhi Restoration Status. (more)
August 5, 2009 - Reverse Stock Split and Name Change (more)
July 27, 2009 - Maxim Commences Restoration of Production (more)
July 10, 2009 - Maxim TEP, INC., Woodlands, TX, secured financing for $1,500,000 (more)
July 1, 2009 - Maxim TEP, Inc, The Woodlands, now trading under MTIM (more)